RonPaulFanInGA
10-31-2011, 03:29 PM
http://www.newsbusters.org/blogs/noel-sheppard/2011/10/31/attention-media-occupy-wall-street-protesters-are-worlds-richest-one
While the media champion the Occupy Wall Street movement as if it's the American version of the Arab Spring, they're predictably missing a crucial distinction.
As the Motley Fool reported Friday, those sleeping in tents and skipping showers in cities around the country are actually part of the world's richest one percent:
In America, the top 1% earn more than $380,000 per year. We are, however, among the richest nations on Earth. How much do you need to earn to be among the top 1% of the world?
$34,000.
NewsBusters readers might recognize Milanovic's name as well as his book given a report we did on this issue two weeks ago which presented a chart of income inequality in numerous countries:
http://graphics8.nytimes.com/images/2011/01/28/business/economy/economix-28milanovic/economix-28milanovic-custom1.jpg
Contrary to the current media meme, when adjusted for international dollars as well as cost and standard of living, there is far greater income inequality in Brazil, China, and India.
More importantly as it pertains to the Occupy Wall Street movement, people in the bottom five percent of income here are still richer than 68 percent of the world’s citizens.
They own cell phones, IPads, IPhones, nice clothes; live in a house/apartment with air conditioning, washing machines, refrigerators, coffee makers, automatic dishwashers, etc....
The OWS crowd are the global 1%.
While the media champion the Occupy Wall Street movement as if it's the American version of the Arab Spring, they're predictably missing a crucial distinction.
As the Motley Fool reported Friday, those sleeping in tents and skipping showers in cities around the country are actually part of the world's richest one percent:
In America, the top 1% earn more than $380,000 per year. We are, however, among the richest nations on Earth. How much do you need to earn to be among the top 1% of the world?
$34,000.
NewsBusters readers might recognize Milanovic's name as well as his book given a report we did on this issue two weeks ago which presented a chart of income inequality in numerous countries:
http://graphics8.nytimes.com/images/2011/01/28/business/economy/economix-28milanovic/economix-28milanovic-custom1.jpg
Contrary to the current media meme, when adjusted for international dollars as well as cost and standard of living, there is far greater income inequality in Brazil, China, and India.
More importantly as it pertains to the Occupy Wall Street movement, people in the bottom five percent of income here are still richer than 68 percent of the world’s citizens.
They own cell phones, IPads, IPhones, nice clothes; live in a house/apartment with air conditioning, washing machines, refrigerators, coffee makers, automatic dishwashers, etc....
The OWS crowd are the global 1%.